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Finance and Planning Minister, Dr. the Hon. Peter Phillips, says effective April 1, 2013, overall management of public sector finances will be undertaken through the newly instituted Central Treasury Management System (CTMS). The CTMS is a critical component of the Government’s Economic Reform Programme (GERP), which will be used to effect the management of: cash; Government's bank accounts; financial planning...

Parliamentary debates on several pieces of legislation related to tax and pension reforms, are expected to either commence or continue in the House of Representatives next week. Finance and Planning Minister, Dr. the Hon. Peter Phillips, who made the announcement while addressing  the weekly luncheon of the Kingston Rotary Club at the Jamaica Pegasus Hotel, New Kingston, on November 15,...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says sustained investments are needed to underpin economic growth, if the targets under the Government’s medium term programme, for which financing is being negotiated with the International Monetary Fund (IMF), are to be achieved. Addressing the weekly luncheon of the Kingston Rotary Club at the Jamaica Pegasus Hotel, New Kingston, on...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says the process of economic and public finance reform, as outlined in Jamaica’s Medium Term Programme, would have to be pursued, even if a new International Monetary Fund  (IMF) was not being negotiated. The administration’s commitment in this guard, he notes, is to ensure the country’s survival in the face of...

The Government is actively pursuing an additional line of credit for provision to the Development Bank of Jamaica (DBJ), to facilitate expansion in the Information and Communication Technology (ICT) and Business Process Operation (BPO) sectors, which can yield significant employment. This was announced by Finance and Planning Minister, Dr. the Hon. Peter Phillips, at the Kingston Rotary Club's weekly luncheon,...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is expressing confidence that the discussions with the International Monetary Fund (IMF), will conclude with the signing of a new agreement that will facilitate growth and development in Jamaica. Speaking at the Kingston Rotary Club’s weekly luncheon at the Jamaica Pegasus Hotel, New Kingston, on Thursday (November 15), Dr. Phillips cited...

Bank of Jamaica (BoJ) Governor, Brian Wynter, is reporting that the country's gross international reserves currently stand at just under US$2 billion. Speaking at the institution’s quarterly briefing, at the BoJ auditorium, downtown Kingston, on November  14, Mr. Wynter  informed that up to November  13,  total reserves stood at US$1.98 billion, representing approximately 14.1 weeks of projected goods and service...

Both Houses of Parliament have now given the nod of approval for prospective developers of approved integrated resorts in Jamaica to apply for licenses to operate casinos within these establishments. This, following the Senate’s passage, on Friday (Nov. 9), of the legislations which will govern the process: the Casino Gaming (Prescribed Games) Regulations, 2012, and the Casino Gaming (Application for...

The Joint Select Committee on Pension Reform has recommended that new civil service employees should begin paying a contribution of five per cent of their earnings towards their pension, as of January 1, 2013. Minister without Portfolio in the Ministry of Finance and Planning, Horace Dalley, opened the debate on the report from the Committee, in the House of Representatives,...

Debate on the proposed reform of the public sector pension scheme is expected to get underway in the House of Representatives on Tuesday, November 6. Finance and Planning Minister, Dr. the Hon. Peter Phillips, says a report has been received from the Parliamentary Committee, chaired by Minister without Portfolio in the Finance and Planning Ministry, Hon. Horace Dalley, which is...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says no consideration is being given by the International Monetary Fund (IMF) to relaxing some of the stringent regulations applicable to the negotiations which the Government is currently pursuing with the agency. "The simple answer is no. The fact of the matter is, the essential purpose of the economic reform programme...

Prime Minister Portia Simpson Miller says the Government’s approach in securing an agreement with the International Monetary Fund (IMF) is very serious and the discussions are advanced and ongoing. Speaking at the first of a series of parish meetings aimed at providing the public with information on key aspects of national development held yesterday (Oct 17) at the Jose Marti...